Ethereum Co-Founder Vitalik Buterin Pledges to Donate All Layer 2 (L2) Tokens to Support Public Goods within the Ecosystem or Broader Charitable Causes

This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.

Ethereum co-founder Vitalik Buterin has announced plans to donate all Layer 2 (L2) tokens in his possession to support public goods within the Ethereum ecosystem or other charitable causes. This announcement follows recent accusations that he had sold millions of dollars worth of Ether (ETH) for personal gain.

Accusations Emerge, Buterin Responds

Earlier this month, an X user on the platform accused Buterin of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum's future on August 30.

“After hyping up ETH 2.0 again, Vitalik sells 190 ETH for USDC,” read the X user's post, which also included a link to the transaction.

Later on, blockchain tracker Lookonchain revealed that Buterin had transferred 800 ETH, valued at around $2 million, from his address to a multi-signature (multisig) wallet. The wallet then swapped 190 ETH for 477,000 USDC.

According to Lookonchain's analysis, on August 9, Buterin also moved an additional 3,000 ETH, valued at over $8 million, from his address to the same multisig wallet.

These transactions sparked speculation among some members of the crypto community that the Ethereum co-founder was liquidating his Ether holdings to realize substantial profits.

However, Buterin has maintained that he has not sold any ETH for personal gain since 2018. Instead, he has clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.

In a September 5 update, he further expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.

“All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D),” wrote Buterin. “I also do not intend to invest into L2s or other token projects in the foreseeable future.”

He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.

“The goal is to fund projects that I think are very good, but which other people in the ecosystem might underrate,” added Buterin.

In the past, Buterin has donated large sums of cryptocurrency to various causes, including $2.4 million to GiveWell, a non-profit organization that evaluates and recommends highly effective charities, and $5 million to the SENS Research Foundation, a biomedical charity focused on anti-aging research.

Buterin's Holdings and Accusations

According to blockchain tracker Arkham Intelligence, Buterin's current Ether holdings amount to approximately 240,000 ETH, which is a reduction of around 460,000 ETH from his initial stash when the network launched in 2015.

At the time of the network's launch, early contributors were allocated 11.9 million ETH (about 10% of the total supply) through a pre-mining period. As one of the key figures behind Ethereum's creation, Buterin received 700,000 ETH for his role in the network's development.

Over the years, Buterin has maintained that his initial ETH allocation was intended to fund the network's development and early community initiatives. He has also stated that he plans to continue holding a significant portion of his Ether to support Ethereum's long-term growth.

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